Universal Life Insurance Options From State Farm You can also choose between two death benefit options, level or variable. Survivorship Universal Life.

Monthly rates for a $100,000 whole life insurance policy start around $90 but quickly climb to $150 or higher if you apply later in life. You'll get the cheapest whole life insurance rates if you buy coverage before turning 40.

A permanent life insurance policy builds cash value, which can be withdrawn or borrowed during your lifetime. Unpaid loans and withdrawals will reduce the guaranteed death benefit and policy cash value. Loans also accrue interest.

Permanent or whole life insurance pays out in full when the policyholder passes away, while term life insurance pays out if death occurs during the policy's specified term. Beneficiaries can claim a payout by filing a claim with the insurance company after the policyholder passes away.